Virgin Media confirms takeover talks with Liberty Global

Virgin Media is in discussions with US-based Liberty Global that could lead to a bid being tabled in the coming days for the UK broadband, TV and home phone provider.

The proposed deal would mark the biggest move into the UK market for Liberty chairman John Malone, who is a fierce rival of Sky owner and News Corporation supremo Rupert Murdoch.

Citing several people familiar with the situation, the Financial Times revealed that a bid to acquire Virgin Media could be announced shortly, coming more than five years after Liberty first considered buying the cable company.

"Virgin Media confirms that it is in discussions with Liberty Global, a leading international cable company, concerning a possible transaction," Virgin Media explained. "Any such transaction would be subject to regulatory and other conditions."

Valued at more than $20 billion (£12.7 billion), Virgin Media published its most recent set of financial results in October 2012, revealing a 2.8 per cent surge in revenues for the three months to September 30th.

During the quarter, the company's super-fast broadband customer base climbed by 452,900 to 1.8 million, representing 42 per cent of all Virgin Media broadband users.